Continental Continental

History

2023: S8 Capital buys Continental business in Russia

On May 22, 2023, it became known about the sale of Russian business Continental to the holding. S8 Capital Financial the parameters of the agreement between the companies are not disclosed.

According to Kommersant, it could amount to about 7-10 billion rubles, which is comparable to 87 million euros, in which Continental valued its assets.

Russian business Continental was sold to S8 Capital holding

S8 Capital has acquired Continental's Russian assets for further development... In the near future, these assets will undergo a rebranding (renaming) procedure, while product quality will continue to meet the highest international standards of the global tire industry player, "said Torsten Schubert, manager of S8 Capital.

The perimeter of the transaction, in addition to the plant with a production capacity of up to 4 million tires per year in the Kaluga region, included a distribution company for finished products.

At the end of April 2023 Kommersant , he said that the Russian authorities allowed the sale of Continental's assets to the S8 Capital holding, but the closure of the transaction was delayed due to the Bureau of Industry and Security of the Ministry of Trade. USA According to the sources of the newspaper, Continental could apply to the bureau for permission on the basis that To Kaluga equipment subject to export control may be present at the plant. United States

As noted in the press service of Continental AG dated May 22, 2023, the sale of Russian assets took place within the framework of the announced controlled withdrawal from the Russian market.

At the same time, Continental continues to own shares in a joint venture with the Russian company Mettem for the production of tachographs in Tatarstan, which employs about 10 employees. The sales process by May 22, 2023 is at an advanced stage, but regulatory approvals have not yet been obtained.^[1]

2022

Resume after downtime

The factory of tires and automotive components of the German company Continental in Kaluga, which has been idle since March 2022, will resume work on August 1, Governor Vladimir Shapsha said at the end of July.

Continued production against the background of Russia's special operation in Ukraine

On April 19, 2022, against the backdrop of Russia's special operation in Ukraine, Continental announced that it would continue to produce tires for passenger cars in Kaluga on a temporary basis in order to protect workers from possible "criminal consequences" with a complete shutdown.

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